 rises 80% in a week ahead of the October 7 court hearing, which could finalize repayment plans for creditors. Will the surge continue post-hearing?){kind=link}
FTX Token (FTT) is gaining significant attention in the crypto market as its price surged over 80% in the days leading up to a crucial court hearing on October 7. This hearing will address the approval of a repayment plan for creditors impacted by the FTX collapse, which has sparked investor anticipation.
As FTT’s price fluctuates, rising as high as $2.70, the outcome of the hearing could play a pivotal role in determining whether this upward trend continues or reverses.
Investors are closely monitoring the situation, knowing that a favorable ruling could push the token to new heights.
Critical Hearing for Creditor Repayments
FTX Token (FTT) price has risen to 83.29% in the last 7 days in anticipation of a critical hearing on October 7. This hearing will decide whether there is a ratio of distributing the bankruptcy funds to deserving creditors hence drawing investors. FTT’s price got as high as $2.70 but fluctuated at $2.10.
The hearing is critical because should the plan be adopted then creditors who are owed less than $50,000 are likely to begin receiving their payments from as early as fourth quarter 2024 while those that hold the larger claims may have to wait up to mid-2025. They are closely observing FTT’s price because if the court decision is positive, the assets price could reach even greater heights.
A clear indication of growing demand for FTT is its DAA and OBV in which traders’ activity has been on the rise. Although an upper boundary for FTT has been established, there is a chance that it could increase to spike to new record levels, on the other hand, if the stochastic indicator heads southwards it would mean a low FTT price.
Open Interest and Trading Volume on the Rise
Today, according to data from Coinalyze the volumes of open interest in FTT have also risen by 18.19% in the last 24 hours to $293.7k addressing the increasing market interest.
Also, the Relative Strength Index has taken a bullish high of 62 to indicate a nasty bull run. Given such signs, there is a long-term upward trend, and the court hearing may also have an impact on the token price.
The FTX Token (FTT) has shown significant momentum in recent trading, with its price reaching $2.57.
Over the past 24 hours, the token has experienced a notable uptick, gaining 7.13% in value. This positive trend has been accompanied by robust trading activity, with the daily volume surpassing $101,090,334.
The surge in both price and trading volume suggests growing interest and confidence in FTT among crypto investors, despite the token’s tumultuous history following the collapse of the FTX exchange.
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